Bank fraud has become more prominent. In the first seven months of 2022, Malaysians lost about RM415 million to scammers.
As a response, Bank Negara Malaysia (BNM) is urging banks to implement measures to combat online scams by June 2023.
But these safety measures by banks must go hand-in-hand with our own awareness and practices when online banking.
So, how can we safeguard ourselves against fraud?
Maybank had us highlight six ways you can protect your bank accounts from online scams, and how you can utilise the bank’s security features to do so.
1. Steer clear of using public WiFi and public computers
Public WiFi and public computers are convenient when you need to stay connected on the go.
But some security risks posed by them include hackers spying on your browsing and banking activity, malicious hotspots, and keyloggers.
The latter is where hackers covertly monitor your keyboard strokes to retrieve data like your username and password.
Whenever possible, stick to using mobile data and only trust your own devices when online banking.
If you must use public WiFi, consider using a virtual private network (VPN). This creates a private network only you can access.
2. Ignore links from unknown sources, and key in banking URLs manually
Phishing attacks are where hackers create similar-looking websites to execute bank account scams. These links are sent with a luring message, enticing you to participate in a promotion that’s often too good to be true.
When you enter your login details through the link, scammers can retrieve your details, and use them to make fraudulent transactions.